Day-ahead electricity prices rose across Serbia, Montenegro, North Macedonia and Albania on 3 November, while markets in Hungary, Romania, Bulgaria and Greece declined. The split widened Western Balkan premiums to Hungary despite stronger regional wind generation. Germany remained substantially cheaper than Hungary.
Serbia’s SEEPEX base price gained €11/MWh to €305.14/MWh. Montenegro rose €15.5/MWh to €302.80/MWh, and North Macedonia increased €9.3/MWh to €302.97/MWh. Albania had the largest increase, up €53.7/MWh to €313.65/MWh, the highest base price among the markets monitored.
On Hungary’s HUPX, the day-ahead base price fell €13.1/MWh to €297.53/MWh. Romania’s price slipped to €297.00/MWh and Bulgaria’s to €296.65/MWh, while Greece dropped €45.4/MWh to €267.32/MWh. Germany’s price stood at €252.85/MWh.
Serbia traded €7.60/MWh above Hungary, Montenegro €5.26/MWh above it and North Macedonia €5.43/MWh higher. Albania’s premium to HUPX exceeded €16/MWh, whereas Greece traded €30.21/MWh below Hungary. Hungary remained €44.69/MWh above Germany, leaving a substantial east-west price differential in Central Europe. The separation indicated that local supply and demand and cross-border capacity were exerting more influence than a common regional generation signal across the Southeast European day-ahead power markets.
Demand, imports and renewable generation
Average regional electricity demand increased by 459 MW day on day to 35,116 MW. Net imports rose 204 MW to 4,019 MW. Imports from the core Austrian and Slovak direction grew 225 MW to 3,202 MW, underscoring the region’s reliance on north-to-south inflows.
Forecast wind generation increased by 942 MW to 6,115 MW, but solar output fell 559 MW to 1,318 MW. Stronger wind availability therefore coincided with weaker solar production and higher consumption. Regional import requirements remained elevated.
Serbia’s SEEPEX day-ahead base price was also reported at €305.1/MWh, above its seven-day average of €296.9/MWh. Peak hours averaged €341.4/MWh, and the daily maximum reached €374.5/MWh. The peak-hour figures showed a firmer profile than the daily base price.
Montenegro’s BELEN day-ahead base price reached €302.8/MWh, against €287.3/MWh a day earlier. Its peak-hour average was €337/MWh, with a daily maximum of €365/MWh. Both Serbia and Montenegro retained premiums to HUPX.
Power forwards, fuels and carbon
Hungary’s Week 46 power contract fell €20.5/MWh to €312.50/MWh, while December power declined €21.5/MWh to €265/MWh. Week 47 moved higher, gaining €8/MWh to €298/MWh. The declines in Week 46 and December contrasted with the day-ahead increases in the Western Balkans.
Austrian CEGH gas fell €6.3/MWh to €99.05/MWh, and Greek gas dropped €9.2/MWh to €87.93/MWh. December gas declined €9/MWh to €96.50/MWh, while December coal fell €6 to €142.5. EU carbon allowances rose €1.3 to €90.52/tonne, moving against the fuel-price trend.
Lower fuel prices and some weaker power forwards eased underlying cost pressure, but high import requirements and cross-border price separation kept Western Balkan day-ahead prices above the regional core. For Serbia and Montenegro, the price move was a localised premium rather than a general European increase. The remaining market indicators were Albania’s sharp increase, Serbia’s and Montenegro’s premiums to HUPX, and the wide Hungary-Germany spread as demand and renewable output changed.